Mittleman Brothers Investment Management, an investment management company, released its “Global Value Equity Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined 6.5% in the third quarter compared to a 0.3% decline for the MSCI ACW Net Total Return Index. For more information on the fund’s top picks in 2022, please check its top five holdings.
Mittleman Brothers highlighted stocks like Tremor International Ltd (NASDAQ:TRMR) in the Q3 2022 investor letter. Headquartered in Tel Aviv-Yafo, Israel, Tremor International Ltd (NASDAQ:TRMR) is a software platform provider for advertisers. On November 21, 2022, Tremor International Ltd (NASDAQ:TRMR) stock closed at $6.75 per share. One-month return of Tremor International Ltd (NASDAQ:TRMR) was -16.77% and its shares lost 56.14% of their value over the last 52 weeks. Tremor International Ltd (NASDAQ:TRMR) has a market capitalization of $492.398 million.
Mittleman Brothers made the following comment about Tremor International Ltd (NASDAQ:TRMR) in its Q3 2022 investor letter:
“For example, MIM established a new position in the U.S.-listed ADRs of Tremor International Ltd (NASDAQ:TRMR), a significant player in the ad tech space. Based in Tel Aviv, Israel, and with its primary listing in London (1 ADR = 2 London-listed shares), but with over 90% of its sales from the U.S., MIM considers Tremor a U.S. business in terms of geographic exposure
The “tech-wreck” of 2022 saw many former high-flyers crash down from incomprehensible valuations to become priced now more reasonably. But, Tremor was already cheap as the year began and as it went down further, it just became too cheap to ignore. MIM paid $8.64 per ADR on average, about 3x its estimate for ’23 EBITDA of $175M (TRMR’s est. of $200M, minus stock based comp.), and 5x FCF of $100M (MIM’s estimate), for a leader in a high-growth industry (digital advertising), with a 35%+ EBITDA margin, and a net cash balance sheet, in a rapidly consolidating field…” (Click here to read the full text)
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Tremor International Ltd (NASDAQ:TRMR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 5 hedge fund portfolios held Tremor International Ltd (NASDAQ:TRMR) at the end of the third quarter, which was 7 in the previous quarter.
We discussed Tremor International Ltd (NASDAQ:TRMR) in another article and shared Mittleman Brothers’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
